The IRS Audit Blog

Posts Tagged ‘reference’

Calendar

Submissions for “Community Calendar” are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495.

Important Tax Law that must be understood and adhered to.

Question: Why does the U.S. have the Federal Office of Inspector General?

Please review what the Inspector General does for the country by clicking on this website. The Inspector General is a section of the U.S. Government.

http://en.wikipedia.org/wiki/Inspector_General#United_States

Especially in a time where the U.S. is starting to take over companies and wanting to take over Health Care, why is it that the Inspector General is Auditing the U.S. Meaning they are being audited by themselves.

Corporations can barely be transparent and accurate about their financials when independent auditors are performing the audit.

Do we expect our government to show where its screwing up, committing fraud, paying off politicians for votes, and spending our tax dollars like their personal piggie bank when they audit themselves?

Answer: Can we expect them to be transparent? Yeah. Pretty much. Their reports which castigate government waste, fraud, and excesses are freely available online.

Now, if they sided with the government a whole lot? Then I’d buy the bias line, but their results say otherwise.

Enemies of the Middle Class

With less than one quarter of 2011 gone, we have seen the spread of three revolutions. The first is literal. It is happening in North Africa. The second is intellectual: the acceptance by large numbers of voters of a shutdown of the United States government, which is deemed to be out of control.

Office of the Public Auditor- Special interest tax credits

Question: mailing address on corporate tax return?

I’m the owner of a C-class Nevada investment corporation, and I live in Florida. My company’s registered address is currently my lawyer’s office who also happens to be the resident agent of my company.

My question is I would like the IRS to forward all correspondence to my home address instead of my lawyer’s. I need to file corporate tax return this year but I only see one set of address fields on first page of Form 1120. I’m thinking that it’s not a good idea to put down my home address on the first page since my corp was not qualified to do business in my home state. So how can I notify the IRS of the issue and possibly include two sets of addresses in my tax return? one for business location (my lawyer’s office) and another one for mailing purpose?

Thank you in advance.

Answer: Name and Address Enter the corporation’s true name (as set
forth in the charter or other legal document creating it), address, and EIN on the appropriate lines. Enter the address of the corporation’s principal office or place of business. Include the suite, room, or other unit number after the street address. If the post office does not deliver mail to the street address and the corporation has a P.O. box, show the box number instead.
Note. Do not use the address of the registered agent for the state in which the corporation is incorporated. For example, if the business is incorporated in Delaware or Nevada and the corporation’s principal office is located in Little Rock, AR, the corporation should list the Little Rock address.
If the corporation receives its mail in care of a third party (such as an accountant or attorney), enter on the street address line “C/O” followed by the third party’s name and street address or P.O. Box.

Community Notes

* The Friends of the Library is sponsoring a Tax Talk given by H&R Block from 6 – 8 p.m. at the Bloomfield Library’s community room. The library is located at 125 S. Franklin St. in Bloomfield. Topics being presented are Forestry, Health Care Reform, and What’s New for the Taxpayer.

Tax Deduction Tips & Advice : How to Claim a Gas Mileage Deduction for a Small Business

Question: Change my EIN to a non-profit?

I started a new Non-Profit corporation, but while filling out the IRS online application for an EIN I chose “corporation” instead of “non-profit”. The letter with the EIN states that we have to file form 1120. Do I need to take any steps to change the official status to that of a Non-Profit, which files form 990?

Thanks!

Answer: If you have not received IRS exemption determination, it may be treated by the IRS as a regular for-profit entity, which means that it would need to file annual returns, for example for 1120 for corporations. It may be exempt from filing, though, if it is merely a club. The IRS explains that, when applying for the Employer Identification Number, the club may check the line for “banking purposes only”
Please visit www.irs.gov/instructions/iss4/ch02.html for further clarification.

ECFA Forms Commission in Wake of Prosperity Probe

Since Sen. Charles Grassley concluded his report on six Christian ministries Thursday, ECFA has announced that it will form a committee to address eight key concerns noted in the report.

WageWatch Non-Profit Compensation Survey

New rules to require brokerages to tell IRS what investors paid

Investors who forget what they paid for shares of stock will get help starting next year, courtesy of the Internal Revenue Service.

Galen Institute: ObamaCare’s Restrictive 1099 Tax Requirement